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Eastern Union Arranges $28M Refinance of Newark Medical Offices

NEWARK-The floating rate loan with no floor is arranged with TD Bank on 270,000-square-foot buildings.

By Antoinette Martin | Updated on May 29, 2012

NEWARK-Eastern Union Commercial mortgage brokerage arranged a $28.4 million refinance loan for the owner of two office buildings in Newark through TD Bank. Shaya Ackerman, managing director in the firm’s New Jersey office, has arranged more than $94 million in financing over the last 60 days, including the Newark deal.

Ackerman tells GlobeSt.com that “Wall Street coming back. A lot of local banks are now lending money, with a 3 % norm. There’s no question building owners are paying prepayment penalties, but considering how low the rates are, this is the right time for it to make sense in many cases.”

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